Government via notification dated February 7, 2019 has notified the rules and other criteria for the mega pension scheme announced by the Finance Minister Piyush Goyal in the interim budget 2019. The mega pension scheme is known as Pradhan Mantri Shram Yogi Maandhan.

As per the budget announcement this scheme is meant for workers in unorganised sector such as maids, drivers and so on whose monthly income does not exceed Rs 15,000. Under the scheme, pension of Rs 3000 per month will be given to eligible subscribers. Both subscriber and government will contribute equal amounts to the pension corpus during the years of accumulation.

PM Shram Yogi Maandhan is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits:

  • Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
  • Family Pension: During the receipt of pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only to spouse.
  • If a beneficiary has given regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.

  1. The scheme will come into force from 15 February, 2019
  2. As per the notification, this Scheme shall apply to the unorganised workers who are working or engaged as home- based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio- visual workers and similar other occupations.
  3. To join the mega pension scheme, the monthly income of unorganised worker should not exceed Rs 15,000. The eligible person should have a savings bank account and Aadhaar number.
  4. The age of worker should not be less than 18 years and not more than 40 years of age.
  5. A worker will not be eligible if he/she is already a member of other pension schemes – National Pension Scheme (NPS) where contribution is also made by the Central Government or Employee State Insurance Corporation Scheme or Employee Provident Fund or he is an income tax assessee.
  6. In case of default on payment contributions, the eligible subscriber will be allowed to regularise his/her contributions by paying the outstanding dues along with interest. The interest will be determined by the Government of India.
  7. If the subscriber wishes to exit the scheme, within ten years of date of joining, then only his share of contribution will be returned to him along with savings bank interest rate.
  8. If the subscriber exists after the completion of ten years in the scheme but before the age of sixty years, then he shall get higher of his share of contribution along with the accumulated interest actually earned by the pension scheme or bank savings account interest rate .
  9. If the eligible subscriber dies due to any cause, then the spouse shall have an option to continue the scheme by making regular contribution or exit the scheme by receiving share of contribution paid by the subscriber along with accumulated interest or savings bank interest rate, whichever is higher.
  10. Post the death of subscriber and the spouse, the corpus will be credited back to the fund.
  11. In case the subscriber becomes permanently disabled before the age of sixty and is unable to contribute to the scheme, then he has the option to exit the scheme by receiving his share of contribution along with interest actually earned by the pension scheme or savings bank interest rate, whichever is higher. Another option is that spouse will be allowed to continue to contribute to the scheme subsequently by payment of regular contribution.
  12. During the years when pension is received by subscriber, if he/she dies, then spouse shall be eligible to receive 50 per cent of the pension received by the subscriber. Children of the subscriber will not be allowed to receive any pension benefit after his/her death.
  13. The minimum monthly pension assured in the scheme is Rs 3000 which will be paid to the subscriber after attaining the age of 60 years.

Contribution Amount towards Pradhan Mantri Shram Yogi Maandhan

The amount of contribution to be made by you will depend on your age. The contribution amount will remain same throughout the period, i.e., till the individual attains the age of 60 years. The amount will be debited from your savings account on a monthly basis except for the first subscription amount. The first subscription by the individual is to be paid in cash. There onwards, the amount will be monthly debited from the individual’s account.

Given below are the amount of contribution to be made by the member as per his/her age:

Entry Age
(In Years)
Years of
Member’s Monthly
Total Monthly

Remember, individuals belonging to organised sector or a member of Employees Provident Fund (EPF), National Pension System (NPS) or Employee State Insurance Corporation (ESIC) or income tax payer are not eligible for the scheme.

Documents Required to Join Pradhan Mantri Shram Yogi Maandhan

To enrol in the Pradhan Mantri Shram Yogi Maandhan scheme, an individual is required to have:
a) Aadhaar Card
b) Savings bank account/ Jan-Dhan Account with IFSC code
c) A valid mobile number

How to Apply for Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana

To apply for an account under Pradhan Mantri Shram Yogi Maandhan (PM-SYM) Yojana scheme, one is required to visit his/her nearest Customer Service Center (CSC). Do remember to take along your documents, i.e., Aadhaar card, passbook of your bank account and mobile, with you. Ensure that the IFSC code is printed on your savings account passbook.

To know about the nearest CSC, you can visit EPF India website. Click here from the CSC locator website.

Alternatively, you can also visit the branch offices of Life Corporation of India (LIC), ESIC, EPFO and labour offices of central and state government to enquire about the nearest CSC centre.

At the common centre, you will be required to submit the self-certified form along with the consent form for auto-debit facility. These two forms are available at CSC itself.

The person at the CSC will fill up a form based on details available on your Aadhaar card and passbook of your savings account. Once you verify the details, a one-time password will be sent to your mobile number.

Completion of Enrolment Process

Once the enrolment process is completed at the CSC, an online pension number under the scheme will be generated. The CSC centre will give you a print out of the pension scheme card to you. The pension scheme card will have details such as name, pension start date, monthly pension amount, pension account number and so on